I ended up holding my short position today, still in the hunt for the 40's.
Bear divergence still there, RSI trending down towards oversold.
Oil seems to be bouncing in between the two light blue bars, watch for a strong break either way.
Pair this with my other ideas.
I thought it would make sense to look at the 1M chart in order to analyze gold for the longer term, based on a purely technical analysis.
The orange bar has become a resistance level since 2011, and this trend has held up to now. With that being said, both the RSI and MACD bottomed out in 2013, yet we've seen ...
Still short from $54, have not sold or added to my position at all.
Blue line: $52 transition line, this line needs to be broken strong for us to head lower imo.
Red trend-lines: We've see an increase in prices, with declining RSI. This is a bear divergence.(whether or not it will play it is another story, yet I ...
Gold tested the key transition area of 1200 today and got rejected slightly.
This is still the key area we have to watch here, as a hard rejection could send us to a lower low, but a strong break could launch us to a higher high than 2016.
The next few days should be very telling for gold going forward.
So I didn't sell any of my $54 oil shorts today when it rebounded, I just moved my stop to break-even.
Today we saw a major miss in inventories, which was initially bearish, but was somehow bullish?
I'm still short because of the numerous reports that essentially the OPEC "cut" is garbage, and on top of that oil ...
Continued idea from previous.
1 - The current trendline looks to be tested within the next few days, look for a bounce (long), or a break (add short).
2 - This red horizontal bar is around the $52 area (key transition area), it broke today, and closing below it over the next few days will be a good sign for ...
Although platinum is considered a safe haven, it also thrives in a productive economy.
This gives it a great chance to do well during 2017, as people will turn to precious metals during times of uncertainty (which there will be a lot of in 2017), and with Trump wanting to spend like crazy on industrials (emissions ...
Gold seems to be itching to retest an area that was important for transition during 2016.
I am still long in miners, and it has been clear over the past week that gold has broken it's downward trend.
Depending on how my natgas trade plays out over this week, I will be taking my profits from that trade and buying ...
Continued idea from before.
For some reason there is a delusional expectation that the USD will rally due to Trump and "interest rates". I strongly believe it will fall during 2017.
Strong bear divergence in the RSI, as well as the fact that the RSI has rolled over.
There is a strong bear divergence on the 1W and 1D DXY chart.
I believe during 2017, the DXY will fall to the low 80's.
I base this not only off the bear divergence illustrated above, but my strong doubt that the Fed will raise rates during 2017, and that the US economy will continue to slow.